For all the Forex Traders out there, forex stands for the foreign market exchange, comprising stocks, shares options, just in case like I did a while ago, didn’t know. I would like to share trading tips that I and every good Trader use with you. Together with an opportunity to join me and others trading for profit and investment (just watch to the end to find out more).
Forex Trading Strategies That Work Really Well: Money Management
When you’re in a good trade don’t let it turn into a losing trade then how to take hold of your profit lock them in.
Subsequently when you’re in a losing trade don’t keep throwing money at it just can’t your losses get out of the trade.
Consequently, following the rule of only trading what you can afford to lose, use a small percentage of your trade at a time. Let me narrow it down for you, when you’re entering into a trade say you have £10,000 to trade $10,000 (or whatever it is in your currency) do not use all of that trade for what you think is a winning trade use a small percentage of that say £100 out of the whole 10000 don’t even use £1,000 to trade because if it goes against you that could cost you if it goes in your favour yeah that would be really beneficial but that leaves me until what kind of Trader you are because you don’t you can always guarantee where to go even when it’s looking good.
Forex Trading Strategies That Work: Trade psychology
To understand the type of Trader you are, ask yourself the following:-
a) Do you like a good gamble, so you take risks – you think a trade looks good and think to yourself, “I’m entering it on a whim or a gut feeling?” Is that what you would do?
b) Are you an opportunist i.e. you see a great opportunity in a trade and you look at the charts and see that this is a plausible trade to take and go for it?
c) Are you an impulsive trader? I.e. you’ve not prepared, you just saw an opportunity or what you think is an opportunity so you go for it. It sounds good or someone said it’s a great trade so that’s why you entered it.
d) Are you a disciplined trader? You’re the one that has a plan and you stick to it so you don’t let outside factors sway you.
Other Important Questions to Ask Yourself about Trading Techniques are:-
What is the purpose of my trading? Is it to:
- Invest to build a financial portfolio to spread out across sectors even across portfolio and projects like real estate and other things where I can invest my money for growth? Or,
- Am I just trading so that I can have an income coming in, more like a salary or something?
These are important questions you need to ask yourself because they can determine how successful you will be in your trading.
If you like these tips you should get my book, Forex Trading Made Easy
And again, in case you started reading in the middle of this article, FOREX trading is not just for the currency markets, it’s also for the following:-
- ETS or whatever takes your fancy.
So, if what I shared today interests you, you do need to get a copy of my book where I go into details of my trade history and my story, click for my book here: Forex Trading Made Easy
What a lot of traders don’t understand is saving money is just as important as making money. Yes, you want to make money to increase your financial portfolio, but if all your trades are losing you money, there’s no point to it, is there?
In my book Forex Trading Made Easy, you’ll be amazed at what you find and then lookout for my next video for those people who really want to step up their trading with me after reading the book.
Trading can be rewarding as well as very challenging, however, it is made easier when you’re part of a community. Come join a community of traders who are following the big money. In this community we are strategically following trades, taking available opportunities with discipline and using software, as well. We are not just relying on our own abilities at all, we’re not going in with emotion, we’re going in looking at strategies that work alongside other traders who have a similar mindset. Click here to sign up: Online Trading Community
If this intrigues you then you’ll want to check out the next video that I’m going to do on trading to learn how you can join this community of traders.
Don’t forget to share your comments with me below.